We assist disability insurance brokers as they seek to win new business from healthcare professionals and their practices. In The Broker Advisor Podcast we explore the ins and outs of disability insurance (DI) for healthcare professionals and examine important and overlooked elements of DI contracts. Doctors and dentists are disabled twice as often as other professionals and usually have relatively higher incomes, higher debt, and significant business risks. If there's an industry that needs great DI, it's healthcare.
In episode two of our second season: Disability Stories, Brian Travers tells the story of being born with osteogenesis imperfecta, otherwise known as brittle bone disease. His condition led to many trips to an orthopedic surgeon who inspired Brian to become a physician. Brian worked hard and graduated from medical school but became disabled during his residency. After suffering through severe economic hardship, Brian became a disability insurance broker to prevent what happened to him from happening to anyone else.Brian is well known for creating the "window mask." The window mask helps those with hearing impairments read lips, customer service workers provide friendlier service, and teachers connect with their students.You can learn more about Brian's businesses at these links:https://www.bluescleradi.com/https://anchorhandmadedesigns.com/Some Highlights From the Transcript:Brian discusses his "aha" moment about the importance of disability insurance. (02:34)The story behind Brian's well-known logo for Blue Sclera, his disability insurance business. (11:17)Brian's default of his student loans led to losing his car and his home. (12:53)Disability Insurance can reduce the hardships that come from being disabled while struggling to pay back student loans. (14:12)"You need disability insurance, I didn't know what it was, this is what happened to me." (15:11)Bad credit due to defaulting on student loans can take away the ability to find a job. (18:08)In addition to the difficulty of finding a job with bad credit, finding a house with bad credit is another stumbling block. (19:35)Certain disabilities can hold someone back from completing their residency. (24:00)Planning for the future is important and necessary. (27:40)Group coverage can be changed or canceled at any time. (29:08)Medical underwriting for life insurance is different than disability insurance. (34:12)Brian was covered by his disability insurance during his second disability. (35:53)His group policy dwindled down to nothing, but his individual policy saved him. (37:03)
54 min 57 sec
In episode one of our second season: Disability Stories, Dr. Kim Harms tells us about how she got into dentistry and the disability that changed the course of her career. She explains why healthcare professionals of all disciplines need to secure the right amount of disability insurance when they're young. Learn more about Dr. Harms on her website: https://www.drkimberlyharms.com/about/Some Highlights From the Transcript:Young physicians, dentists and other healthcare professionals need to understand that they could develop a disability tomorrow. Even if that disability doesn't stop them from working today, it will be used as a preexisting condition that disability insurance carriers will exclude from any policy they issue to you in the future. (03:49)Kim discusses the impact a good career advisor can have on a determined college student. (07:36)Apparently, you can be a great dentist with seven fingers! (08:15)Kim discusses not buying insurance early because it was expensive (08:40)Disabilities can come suddenly and unexpectedly. (10:12)Business overhead expense insurance is a great idea for small practices. (12:49)Most young dentists understand that it's important to get disability insurance early, but some feel invincible and balk at the associated cost. (23:41)When Kim's husband passed away, his life insurance policy made a huge impact on her life. (25:45)Make sure your broker who understands the difference between pre-tax and post-tax benefits. (29:49)Some group plans will pay disability benefits past normal retirement age. (37:14)Healthcare professionals would rather work than collect insurance. (41:16)Make sure you have a contract expert look at your disability policy. If you don't, you could end up with something that doesn't suit your needs. (43:08)
47 min 23 sec
In episode three of our first season, what we're calling the "Sage Series," Barry Lundquist shares his thoughts of the healthcare professionals disability market. Barry is the former president of the Council for Disability Awareness (CDA) and has over 35 years of insurance industry experience in risk management, sales, sales leadership, senior executive management, and consulting roles for employee benefits and individual disability product lines and sales channels at several major carriers.Some Highlights From the Transcript:The healthcare professional disability insurance (DI) market is lucrative but risky for carriers (5:12)Healthcare professionals are willing to pay up for good income protection (5:59)Lessons learned from serving as the president of the Council for Disability Awareness (8:54)What makes disability insurance unique compared to other types of insurance (12:42)Why is the healthcare professional DI market so penetrated? (16:13)Concerns about over-insuring healthcare professionals (21:03)Why doesn't over-insuring healthcare professionals happen as much in today's market? (26:23)How can carriers and brokers leverage each other more productively? (29:34)How can brokers just starting out in the DI market find success? (35:17)If you're not talking about income protection, you're NOT doing your job. (36:12)How does consulting differ from working for a carrier? (47:44)How would you respond if someone said, "All DI policies are basically the same?" (54:15)The public perception that insurance companies are out to deny claims is false. (59:49)No one ever sets out to be in the insurance industry. (1:05:25)
1 hr 10 min
In episode two of our first season, what we’re calling the “Sage Series,” industry legend Len Cavallaro joins us for a discussion on his experiences in the healthcare professional disability insurance market. Some Highlights From the Transcript:Discussion on specific risks that come from a carrier covering physicians, dentists, and other healthcare professionals ~ 3:50Only specific carriers want to tackle the highly-specialized healthcare professional disability insurance market ~ 7:21What a corporation that employs doctors wants out of a disability insurance policy may differ from what a doctor would buy for herself ~ 8:22What provisions should a healthcare professional NEVER sacrifice ~ 13:51Do brokers underutilize carriers? ~ 24:01How can a broker communicate the specific disability risks that healthcare professionals face to a CFO of a large company? ~ 34:26If you're selling value, then sell the value and sell the value as hard as you can. Don't add a price filter to your pitch ~ 40:03Len answers many of our questions including:You’ve had a wealth of experience with several great companies. What has been the common thread that you’ve seen with how carriers approach the healthcare provider market from a DI standpoint?Where do you think brokers might benefit from leveraging carriers more?In general, would you say that carriers consider healthcare professionals a “good risk” or does it vary by carrier? Also, does it change over time with the same carrier? If so, why?
47 min 47 sec
In episode one of our first season, what we're calling the "Sage Series," industry legend Bill Buchholz joins us for a discussion on some of his greatest lessons learned as a pioneer in the healthcare professional disability insurance market. Some Highlights From the Transcript:Healthcare professionals have the means to purchase quality disability insurance: ~8:28As time has moved on, budgetary concerns play a larger role in the disability insurance decision: ~10:24Studying the contracts you sell is critical: ~12:15It's important to become part of either a bigger formal or informal organization for marketing purposes: ~18:30Take a consultative approach: ~20:00Disability Insurance is an "option on time:" ~22:50Bill never prospected directly to doctors: ~27:00Healthcare professionals want their brokers to be advocates: ~32:00Mandatory rehab is a provision that acts as big turnoff for healthcare professionals considering DI policies: ~37:43To save money, many insurance companies put provisions in the contract that give them permission to terminate the contract or reduce the size of the benefit: ~39:00Why wouldn't you consider insuring the asset that creates the money that allows you to buy all of your other assets? ~44:00Unexpected Bobby Knight connection: ~50:00Bill answers many of our questions including:How did you get into this market?Why target healthcare professionals?Can you give us a specific example of a time where providing the right coverage to physicians paid off?How would you respond to the statement, "All Disability Insurance policies/contracts are basically the same"?
54 min 49 sec